NEW YORK — Wall Street trading was mixed last week.
The WWD Composite Stock Index closed the week up 0.7 percent to 1,148.29, while the S&P 500 reversed course, falling 0.3 percent to 1,201.59.
Continued uncertainty about the merger between Federated Department Stores and May Department Stores Co. did little to boost investors’ confidence. Federated dropped 1.4 percent for the week, closing at $56.72 on the New York Stock Exchange.
Shares of May rebounded after being punished two weeks ago when the company reported a 20.2 percent decline in fourth-quarter earnings. Shares were up 4.6 percent, closing at $33.45.
Meanwhile, on Friday, bankrupt Spiegel Inc. filed its reorganization plan with a bankruptcy court in Manhattan. Under terms of the plan, Spiegel’s unsecured creditors would receive 90 percent of their allowed claims through 52 percent cash and 48 percent equity in the new company. The effective date of the plan, which requires bankruptcy court approval as well as that of creditor groups, is set for late May, when the firm that emerges will be known as Eddie Bauer Holdings Inc.
Spiegel sold off its Spiegel and Newport News catalogue businesses. There is a chance that Eddie Bauer, the only remaining business, may still be sold before its exit from bankruptcy proceedings. Spiegel filed for bankruptcy court protection on March 17, 2003.
Bill Kosturos, interim chief executive officer, said Eddie Bauer has a valuation of $865 million, and while creditors are enthusiastic about owning the equity of the business, “if some company was to come up and give us a strong offer, we would have to step back and evaluate it.”
Fabian Månsson, Eddie Bauer’s president and ceo, said the company’s focus will be on apparel and accessories for men and women. The firm is looking to license its home business and expects to have around 400 stores by the end of the year.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast